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WPIL Ltd Earnings Release 2024

Oct 30, 2024

62191_rns_2024-10-30_cbcf86bb-46df-4333-811a-abdc65589050.pdf

Earnings Release

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KRISHNA KUMAR
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GANERIWALA
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Digitally signed by KRISHNA KUMAR GANERIWALA Date: 2024.10.30 15:50:04 +05'30'

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E A R N I N G S P R E S E N T ATIO N - Q 2 / H 1 F Y25

COMPANY SNAPSHOT

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Market Leader in
10 Strategic International End to End
Rich Experience Pumps &
Manufacturing Presence Across Integrated Pumping
of 71 Years Pumping
Locations 4 Locations Solutions
Systems
Strong global
presence via Consolidated Partner of choice Proud to be part of
focussed Orderbook ~ for engineered flow Jal Jeevan Mission
acquisitions and INR 36,650 Mn applications of GOI
joint ventures
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2

EARNINGS PRESENTATION

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COMPANY OVERVIEW

COMPANY OVERVIEW

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Operating Revenue (INR Mn) and EBITDA Margins (%)

  • WPIL Limited is a multinational pumps and systems company, headquartered out of India, with diversified operations covering the entire gamut of the pumping industry incorporated in 1952.

  • The Company has to its credit a rich experience of more than 71 years in Designing, Developing, Manufacturing, Erecting, Commissioning and Servicing of Pumps & Pumping Systems.

  • Over the 1st 50 years, the company focused on developing its core technology of centrifugal pumps and building a robust manufacturing infrastructure to support its business. This was built in tandem with India’s industrial growth and the company is proud to be major part of the Conventional Power growth story. A large installed base across the country, across industry, irrigation and water supply sectors lies testimony to its growth.

  • After consolidating its position as a leading pump and pumping systems company in India, the company expanded its operations globally and now has operations in Italy, South Africa, Australia and Thailand through its Group companies.

  • Constant investment in manufacturing and R&D supported by 10 manufacturing locations covering the entire process of pump manufacture from casting, fabrication, machining, assembly and testing have allowed it to deliver great value to its client by enhancing efficiencies at every step.

  • The company continues its expansion into newer markets and is focused on becoming a Global leader in its sector.

  • Expansion in the turn-key water project space required building out Civil construction capabilities internally, adjacent to the firm’s fundamental expertise in creating pumping systems targeting presence in the unsaturated Indian market before heading overseas.

  • Looking ahead, WPIL envisions vast growth potential in both its core markets – engineered flow control products and turn-key water projects.

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16,644
16,055
11,813
17.92% 8,534
17.81% 16.66%
19.28%
FY22 FY23 FY24 H1-FY25
Revenue EBITDA Margin
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H1-FY25 Geographical Revenue (%)

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International
33%
India
67%
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4

EARNINGS PRESENTATION

GLOBAL OPERATIONS

  • After 10 years of growth in exports and experience in global markets it was clear that the next step would need strong local presence as the engineered pumps clients need life cycle support which has to be built on long term relationships.

  • Over the years, WPIL Ltd. conducted extensive diligence to identify 3 regions (6 companies) – Italy (Gruppo Aturia, Finder), South Africa (APE Pumps, Mather & Platt), and Australia (Sterling Pumps, United Pumps) – that would facilitate the journey of adding new flow control products and industry-leading clients. By acquiring these, WPIL Ltd. cements position as a world player.

  • Today, these businesses are well integrated and the Group looks ahead to further inorganic growth following its ethos of building on competencies and synergies.

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Italy
India
South Africa
Australia
a
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H1-FY25 Revenue Mix (INR Mn)

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International
2,842
India
5,692
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Total : ~8,534 INR Mn

Large engineering and back-office team remains in India

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Australia
South
50
Africa
120
Italy
196 India
645
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Total : ~ 1,011 Manpower

5

EARNINGS PRESENTATION

INDIA OPERATIONS - STATE-OF-ART MANUFACTURING FACILITIES

Kolkata

Engineered Pump Division is Located about 25 KM from Kolkata, the plant has ~20,000 sq. meters of floorspace.

Delhi

Industrial Pump Division is Located about 20 KM from Delhi, the plant has ~49,000 sq. meters of floorspace.

Nagpur

Engineered Pump Division is Located about 26 KM from Nagpur, the plant has ~70,000 sq. meters of floorspace.

Thane

Drainage Pump Division is Located about 21 KM from Mumbai, the plant has ~6,000 sq. meters of floorspace.

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Delhi
Nagpur
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6

EARNINGS PRESENTATION

BUSINESS STRUCTURE

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WPIL Ltd.
International
India
33%
67%
Project Product South Africa Italy Australia
76% 24% 26% 56% 18%
Gruppo Aturia
Conventional Engineered Drainage
Irrigation Municipal Industry
Pumps Pumps Pumps AUDOLI & ARIS
BERTOLA CHIAPPA
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% numbers are revenue share as on H1 FY25

7

EARNINGS PRESENTATION

VARIED RANGE OF APPLICATIONS

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Industrial

Irrigation

Large lift irrigation networks to provide surface water to farmers and borehole installations for ground water to smaller farmers. New piped irrigation schemes for more efficient utilization of water.

Used in industries for variety of purposes such as fire fighting, sewage, chemicals, pulp and paper, steel, heating & cooling of systems, washing, storage, general industry and other industrial applications.

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Fire Fighting

Oil and Gas

Solutions for Off- shore/ On shore infrastructures, mining, petrochemicals industries, refineries, civil and industrial plants.

Chemical and petrochemical plants, off-shore plants, oil and gas plants, energy installations.

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Municipal

Water Supply & Drainage solutions for Rural and Urban Utilities including Raw water Intakes, treatment plants , reservoirs and distribution networks.

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Conventional and Nuclear Power

Cooling, drainage, dewatering, seal water and fire-fighting pumps across Thermal and Nuclear power plant.

8

EARNINGS PRESENTATION

VALUE PROPOSITION

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Global Operations Strong R&D
Forward integrated Wide product basket
Dominant player in supported by Marquee clients recognized by Govt.
by providing Turnkey catering to a
Industrial Pump subsidiaries and from Top class Of India and
solutions and O&M widespread market
Sector agent network and industries supported by Global
services segment
service centers R&D center in Milan
Domain expertise Strong opportunities
Offers 50% Amongst the Market Diversified product
enhanced by global for large organized
customization in Leaders in Pumping portfolio catering to
acquisitions & players in the
Pumping Segment Solutions vast applications
mergers segment
Improved margin
Healthy return ratios
profile over the
and zero net debt
years
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9

EARNINGS PRESENTATION

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Q2/H1-FY25 FINANCIAL OVERVIEW

10

EARNINGS PRESENTATION

FINANCIAL HIGHLIGHTS

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INR 3,298 Mn
Operating Income
INR 634 Mn
Operating EBITDA
19.22%
Operating EBITDA
Margins
INR 466 Mn
Net Profit
14.13%
PAT Margins
INR 4.77/Share
Diluted EPS
Q2-FY25 Standalone Performance
H1-FY25 Standalone Performance
INR 5,692 Mn
Operating Income
INR 1,034 Mn
Operating EBITDA
18.17%
Operating EBITDA
Margins
INR 774 Mn
Net Profit
13.60%
PAT Margins
INR 7.93/Share
Diluted EPS
Q2-FY25 Consolidated Performance
INR 4,909 Mn
Operating Income
INR 1,044 Mn
Operating EBITDA
H1-FY25 Consolidated Performance
INR 8,534 Mn
Operating Income
INR 1,645 Mn
Operating EBITDA
19.28%
Operating EBITDA
Margins
INR 1,133 Mn
Net Profit
13.28%
PAT Margins
INR 10.13/Share
Diluted EPS*
INR 1,133 Mn
Net Profit
13.28%
PAT Margins
  • One Equity Share of Face Value of Rs. 10/- each has been subdivided (split) into Ten Equity Shares of Re. 1/- each, effective from July 12, 2024. The EPS for Current and Previous periods have accordingly been calculated/restated, considering Face Value as Re. 1/- per share.

11

EARNINGS PRESENTATION

Q2-FY25 HIGHLIGHTS - DOMESTIC

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Domestic revenues grew 55% in H1 FY25

Product Business

  • Revenue for the Product Division rose to INR 83 crores in H1 FY25, up from INR 60 crores in FY24.

  • The outlook for the Product division is improving based on product portfolio expansion and strong market presence

  • Excellent prospects on export front from International operations

Projects Business

  • Revenue for the Projects Division increased to INR 431 crores in H1 FY25, compared to INR 260 crores in FY24.

  • Project execution momentum has gained traction, with growth expected to continue in the second half of the financial year after the monsoon season.

  • Project commissioning has remained on schedule over the past two quarters.

  • The company is actively pursuing new contract opportunities, anticipating an increase in the pace of new tenders in the second half of the Financial Year.

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EARNINGS PRESENTATION

Q2-FY25 HIGHLIGHTS - INTERNATIONAL

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  • The International business operations remain stable and the outlook remains strong across all businesses.

  • Gruppo Aturia is benefitting from strong after market performance and awaits revival of large number of delayed contracts in the MENA region for growth.

  • WPIL South Africa performance remains exemplary with excellent performance in H1 FY25.

  • The acquisition of Eigenbau should drastically strengthen South African operations with an enhanced product and services offering in the growing South Africa water sector.

  • Large investments have been announced in South Africa for both water and power and the growth prospects are exciting.

  • Both Sterling Pumps and United Pumps Australia have record order books and are expected to post strong revenue growth in FY25

  • WPIL Thailand continues its strong performance and has started benefitting from large water infrastructure investments in Thailand

13

EARNINGS PRESENTATION

DOMESTIC REVENUES

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Product Revenue (INR Mn)
1.2
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1
0.8 830
0.6 594
0.4
0.2
0
Q2-FY24 Q2-FY25
1,382
1,139
H1-FY24 H1-FY25
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Project Revenue (INR Mn)
1.2
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1
0.8
2,467
0.6
0.4
1,299
0.2
0
Q2-FY24 Q2-FY25
4,309
2,602
H1-FY24 H1-FY25
QUARTERLY
HALF YEARLY
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EARNINGS PRESENTATION

ORDER BOOK

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Domestic Order Book (INR Mn)
36,410
30,540
27,300
Construction
31,510 Construction
25,250
Construction
22,010
O&M O&M
O&M 4,010
4,900 3,140 3,477 5,290
5,290
FY 23 FY24 H1-FY25
Project Product
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H1-FY25 International Order Book Breakup (%)

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South Africa
30%
Italy
49%
Australia
21%
Total : ~ 5,340 INR Mn
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15

EARNINGS PRESENTATION

QUARTERLY STANDALONE FINANCIAL PERFORMANCE

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Particulars (INR Mn) Q2-FY25 Q2-FY24 Y-o-Y Q1-FY25 Q-o-Q
Revenue from Operations 3,298 1,853 78.0% 2,394 37.8%
Operating Expenses 2,634 1,542 72.8% 1,995 33.5%
EBITDA 634 311 NA 399 58.9%
EBITDA Margins (%) 19.22% 16.78% 244 bps 16.67% 255 bps
Depreciation 17 17 - 16 6.3%
Finance Cost 72 40 80.0% 55 30.9%
Other Income 80 62 29.0% 84 (4.8)%
PBT 625 316 97.8% 412 51.7%
Taxes 159 82 93.9% 104 52.9%
PAT 466 234 99.1% 308 51.3%
PAT Margins (%) 14.13% 12.63% 150 bps 12.87% 126 bps
Other Comprehensive Income - (1) NA 1 NA
Total Comprehensive Income 466 233 NA 309 50.8%
Diluted EPS (INR per share) 4.77 2.40 98.8% 3.16 50.9%

16

EARNINGS PRESENTATION

HALF YEARLY STANDALONE FINANCIAL PERFORMANCE

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Particulars (INR Mn) H1-FY25 H1-FY24 Y-o-Y
Revenue from Operations 5,692 3,675 54.9%
Operating Expenses 4,658 3,068 51.8%
EBITDA 1,034 607 70.3%
EBITDA Margins (%) 18.17% 16.52% 165 bps
Depreciation 33 34 (2.9)%
Finance Cost 128 82 56.1%
Other Income 164 121 35.5%
PBT 1,037 612 69.4%
Taxes 263 157 67.5%
PAT 774 455 70.1%
PAT Margins (%) 13.60% 12.38% 122 bps
Other Comprehensive Income 1 (2) NA
Total Comprehensive Income 775 453 71.1%
Diluted EPS (INR per share) 7.93 4.66 70.2%

17

EARNINGS PRESENTATION

QUARTERLY CONSOLIDATED FINANCIAL PERFORMANCE

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Particulars (INR Mn) Q2-FY25 Q2-FY24 Y-o-Y Q1-FY25 Q-o-Q
Revenue from Operations 4,909 3,187 54.0% 3,625 35.4%
Operating Expenses 3,865 2,520 53.4% 3,023 27.9%
EBITDA 1,044 667 56.5% 602 73.4%
EBITDA Margins (%) 21.27% 20.93% 34 bps 16.61% 466 bps
Depreciation 80 74 8.1% 77 3.9%
Finance Cost 87 71 22.5% 75 16.0%
Other Income 85 44 91.2% 119 (28.6)%
Share of profit of an Associate and Joint Venture 15 5 NA 16 (6.3)%
PBT 977 571 71.1% 585 67.0%
Taxes 275 163 68.7% 154 78.6%
Profit/(Loss) from discontinued operations - 21 NA - NA
PAT 702 429 63.6% 431 62.9%
PAT Margins (%) 14.30% 13.46% 84 bps 11.89% 241 bps
Other Comprehensive Income 443 (72) NA (35) NA
Total Comprehensive Income 1,145 357 NA 396 NA
Diluted EPS (INR per share) 6.17 3.53 74.8% 3.96 55.8%

18

EARNINGS PRESENTATION

HALF YEARLY CONSOLIDATED FINANCIAL PERFORMANCE

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Particulars (INR Mn) H1-FY25 H1-FY24 Y-o-Y
Revenue from Operations 8,534 6,423 32.9%
Operating Expenses 6,889 5,162 33.5%
EBITDA 1,645 1,261 30.5%
EBITDA Margins (%) 19.28% 19.63% (35) Bps
Depreciation 157 145 8.3%
Finance Cost 162 145 11.7%
Other Income 205 86 NA
Share of profit of an Associate and Joint Venture 31 13 NA
PBT 1,562 1,070 46.0%
Taxes 429 292 46.9%
Profit/(Loss) from discontinued operations - 55 NA
PAT 1,133 833 36.0%
PAT Margins (%) 13.28% 12.97% 31 bps
Other Comprehensive Income 408 11 NA
Total Comprehensive Income 1,541 844 82.6%
Diluted EPS (INR per share) 10.13 6.79 49.2%

19

EARNINGS PRESENTATION

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HISTORICAL FINANCIAL OVERVIEW

20

EARNINGS PRESENTATION

STANDALONE FINANCIAL PERFORMANCE

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Particulars (INR in Mn) FY22 FY23 FY24 H1-FY25
Revenue from Operations 5,298 10,024 10,769 5,692
Operating Expenses 4,432 8,264 8,839 4,658
EBITDA 866 1,760 1,930 1,034
EBITDA Margins (%) 16.35% 17.56% 17.92% 18.17%
Depreciation 56 55 70 33
Finance Cost 89 121 172 128
Other Income 141 317 304 164
PBT 862 1,901 1,992 1,037
Taxes 223 471 572 263
PAT 639 1,430 1,420 774
PAT Margins (%) 12.06% 14.27% 13.19% 13.60%
Other Comprehensive Income - (3) 1 1
Total Comprehensive Income 639 1,427 1,421 775
Earnings Per Share (EPS) 6.54 14.64 14.54 7.93

21

EARNINGS PRESENTATION

STANDALONE BALANCE SHEET

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Particulars (INR Mn) FY23 FY24 H1-FY25 Particulars (INR Mn) FY23 FY24 H1-FY25
EQUITY AND LIABILITIES ASSETS
Non-Current Assets
a) Equity Share Capital
b) Other Equity
Shareholders Fund
98
6,472
6,570
98
7,502
7,600
98
8,082
8,180
a) Property, Plant and Equipment
b) Capital Work-in-progress
c) Goodwill
742
1
137
864
22
137
972
63
137
Non-Current Liabilities d) Other Intangible Assets 3 4 4
a) Financial Liabilities e) Financial Assets
i) Borrowings 4 74 857 i) Investments 490 490 490
ii) Lease Liability 2 - 89 ii) Trade Receivables 817 1,287 1,282
iii) Provisions 67 66 76 iii) Loans and Deposits 1,849 1,027 1,048
c) Deferred tax liabilities (net) (3) - - iv) Other Financial Assets 60 82 88
Total Non-current Liabilities 70 140 1,022 f) Deferred Tax Assets - - 4
h) Non current Tax Assets 58 51 34
Current Liabilities i) Other Non-current Assets 29 28 29
a) Contract Liabilities 1,614 1,927 1,556 Total non-current assets 4,186 3,992 4,151
b) Financial Liabilities Current Assets
i) Borrowings 405 1,299 2,375 a) Inventories 802 1,395 1,258
ii) Lease Liability 30 - 21 b) Contract Assets 1,150 1,268 2,119
iii) Trade payables
iii) Other financial liabilities
c) Other current liabilities
d) Provisions
2,894
30
127
47
3,635
56
212
65
2,666
103
25
64
c) Financial assets
i) Trade Receivables
ii) Cash and Cash equivalents
iii) Bank balances other than (ii) above
v) Other Financial Assets
3,609
161
1,412
182
6,078
169
1,713
88
6,402
961
711
176
e) Current tax liabilities 30 101 197 e) Other Current Assets 315 332 431
Total Current Liabilities 5,177 7,295 7,007 Total Current Assets 7,631 11,043 12,058
Total Equity and Liabilities 11,817 15,035 16,209 Total Assets 11,817 15,035 16,209

22

EARNINGS PRESENTATION

CONSOLIDATED FINANCIAL PERFORMANCE

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Particulars (INR in Mn) FY22 FY23 FY24 H1-FY25
Revenue from Operations 11,813 16,055 16,644 8,534
Operating Expenses 9,710 13,380 13,662 6,889
EBITDA 2,104 2,674 2,982 1,645
EBITDA Margins (%) 17.81% 16.66% 17.92% 19.28%
Depreciation 373 279 301 157
Finance Cost 199 237 308 162
Other Income 86 240 282 205
Share of profit of an Associate and Joint Venture 13 27 53 31
PBT 1,631 2,425 2,708 1,562
Taxes 448 646 778 429
Profit/(Loss) from discontinued operations (1) 418 4,908* -
PAT 1,182 2,197 6,838 1,133
PAT Margins (%) 10.01% 13.68% 41.08% 13.28%
Other Comprehensive Income 73 (125) 99 408
Total Comprehensive Income 1,255 2,072 6,937 1,541
Earnings Per Share (EPS) 9.96 19.37 48.63 10.13

*Number includes profit on disposal of Rutschi Business

23

EARNINGS PRESENTATION

CONSOLIDATED BALANCE SHEET

Particulars (INR Mn) FY23 FY24 H1-FY25
EQUITY AND LIABILITIES
a)EquityShare Capital
b)Other Equity
Equityattributable to equityholders of theparent
c)Non-ControllingInterest
98
8,001
8,098
1,030
98
12,361
12,459
3,104
98
13,404
13,502
3,407
Total Equity
Liabilities
9,129 15,563 16,909
Non-Current Liabilities
a)Financial Liabilities
i)Borrowings 911 265 1,001
ii)Lease Liability
iii)Other Financial Liabilities
c)Provisions
d)Deferred tax liabilities(net)
204
9
242
95
104
9
178
58
195
8
197
56
Total Non-current Liabilities 1,461 614 1,457
Current Liabilities
a)Contract Liabilities 4,206 2,478 2,317
b)Financial Liabilities
i) Borrowings 1,352 1,800 2,756
ii)Lease Liability
iii)Tradepayables
iv)Other financial liabilities
c)Other current liabilities
112
4,715
261
287
35
4,591
221
413
79
3,604
292
181
d)Provisions 118 136 149
e)Current tax liabilities 383 429 535
Total Current Liabilities 11,434 10,103 9,913
Total Equityand Liabilities 22,024 26,280 28,279

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Particulars (INR Mn) FY23 FY24 H1-FY25
ASSETS
Non-Current Assets
a)Property,Plant and Equipment 3,649 3,415 3,676
b)Capital Work-in-progress 90 138 183
c)Goodwill 550 566 595
d)Other Intangible Assets 471 411 426
e) Investment in an associate and Joint
Venture
187 240 268
f)Financial Assets
i)Investments 10 10 10
ii)Trade Receivables 817 1,287 1,282
iii)Loans and Deposits 129 141 155
iv) )Other Financial Assets 87 706 1,289
g)Deferred tax assets(Net) 6 0 4
h)Non current Tax Assets 58 80 66
i)Other Non-current Assets 30 29 29
Total non-current assets 6,084 7,023 7,983
Current Assets
a)Inventories 3,419 3,700 3,821
b)Contract Assets 3,687 1,271 2,122
c)Financial assets
i)Trade Receivables 5,472 7,315 7,682
ii)Cash and Cash equivalents 971 4,360 4,974
iii)Bank balances other than(ii)above 1,618 1,927 769
iv)Loans 1 1 1
v)Other Financial Assets 104 99 158
d)Current Tax Assets(net) 92 25 27
e)Other Current Assets 577 559 742
Total Current Assets 15,940 19,257 20,296
Total Assets 22,024 26,280 28,279

24

EARNINGS PRESENTATION

CONSOLIDATED FINANCIAL GRAPHS

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Revenue (INR Mn) EBITDA (INR Mn) & EBIDTA Margins (%) PAT (INR Mn) & PAT Margins (%)
4,000 50.00%
60.00% 2,500
16,644 45.00%
16,055 3,500
2,982
11,813 3,000 2,500 2,674 40.00%35.00% 50.00%40.00% 1,779 1,930 2,000
30.00%
2,104 1,500
8,534 2,000 1,645 25.00% 30.00% 1,182 1,133
1,500 20.00% 1,000
15.00% 20.00% 10.01% 11.08% 11.60%
1,000 17.81% 16.66% 17.92% 19.63% 10.00% 500
10.00%
500
5.00% 13.28%
- 0.00% 0.00% 0
FY22 FY23 FY24 H1-FY25 FY22 FY23 FY24 H1-FY25 FY22 FY23 * FY24 * H1-FY25
Excludes Rutschi Business
Working Capital Days Net Debt to Equity Ratio (x) Return Ratios (%)
25.40%
159 22.22%
19.63%
120
89 19.48% 20.81%
79 16.75%
0.09
- - -
FY22 FY23 FY24
FY22 FY23 FY24 H1-FY25 FY22 FY23 FY24 H1-FY25 RoE (%) RoCE (%)
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25

EARNINGS PRESENTATION

CAPITAL MARKET INFORMATION

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Stock Performance Data (As on 30 [th] September, 2024)
60%
50%
40%
30%
20%
10%
0%
-10%
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
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Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 WPIL Ltd. Sensex

Price Data (As on 30th September, 2024) INR
Face Value 1.0
CMP 429.65
52 Week H/L 543.0/ 275.8
Market Cap. (Mn) 41,964.3
No. of Share outstanding (Mn) 97.67
Avg. Trading Volume (‘000) 103.85
Avg. Net Turnover (Mn) 40.59

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Shareholding Pattern (As on 30 [th] September, 2024)
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AIF 0.18%
Mutual Funds 2.43%
FPI 5.68%
Promoters
Public 70.80%
20.91%
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EARNINGS PRESENTATION

DISCLAIMER

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WPIL Limited Disclaimer:

No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of WPIL Limited, which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review

For further details, please feel free to contact our Investor Relations Representatives:

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Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: [email protected]

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THANK YOU

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EARNINGS PRESENTATION